After the decision was authorized and made public on December 1, 2015, the Department of Posts (DOP), which is under the direction of the Ministry of Communications, stopped issuing National Savings Certificates (IX Issue) on December 20, 2015.
The Department of Posts has said in a notification dated 30.11.2022 that the first closure of any closed scheme account/certificate including NSS’87 and NSS-92 should be done at the head office itself and the amount of closure should be paid to the savings account only. This should be done either by deposit or by cheque. No cash payment should be made. In a letter dated 16.11.2022, DoP stated that it has sought clarification on encashment of NSC (IX Issue) which is one of the discontinued schemes.
“Keeping in view the services for the customers and the restriction available in the Finacle system, it is clarified that though the NSC IX issue is a closed scheme, the NSC IX issue certificate can be discharged / encashed / closed at any Departmental Post Office Following are the procedures laid down in Chapter 13 of POSB CBS Manual Volume (Correct up to 31.12.2021),” the DoP said in a statement.
The Department of Posts on 30 November 2022 said that following the prescribed procedures the NSC IX issue certificates which have already been issued in SO will be treated as regular.
With effect from 1.12.2011, 10-year National Savings Certificates (IX Issue) were made available for purchase through Departmental Post Offices and other Post Offices, as may be permitted by the Heads of Circles operating in Savings Banks. The sale of these certificates was stopped till 20.12.2015. The certificate was available for Rs.100/-. 500/-, Rs. 1000/-, Rs. 5000/- and Rs. 10,000/- and the scheme was issued only to individuals from 1.12.2011 to 19.12.2015. The 10-year National Savings Certificate (IX Issue) had a maturity period of ten years starting from the date specified on the certificate.
“Rs. 234.35 amounting to interest payable on encashment of certificate of denomination of Rs.100/- purchased between 1.12.2011 to 31.3.2012 at any time after the maturity of the certificate purchased on or after 1.4.2012 will be Rs.238.87 and purchased between 1.4.2013 to 19.12.2015 will be Rs.236.60 at the proportionate rate for any other denomination,” said DoP in a notification dated 30.11.2022.
Ministry of Finance, Department of Economic Affairs has decided to replace the existing 6 years NSC (VIII-Issue) with 5 years NSC (VIII-Issue) with effect from 1.12.2011. With effect from 01.04.2020, the interest rates are 6.8% compounded annually but payable on maturity.
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